Philadelphia Fed Business Review, 2nd Quarter 2005

- Central Banking staff
- 08 Jul 2005

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The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Second Quarter 2005. In this quarter's message, President Anthony Santomero shares his views on the U.S. economy and outlines some of the "Lessons learned from the recent business cycle."

The U.S. economy enjoyed a remarkable run in the 1990s. As it moved into the new century, however, the economy underwent various fits and starts before entering its current expansion phase.

There's a common belief among

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